Dogecoin Is 'Harder Money' Than Bitcoin, Says Raoul Pal: Here's What The Numbers Say

Khyathi Dalal

November 25, 2024

Dogecoin (CRYPTO: DOGE) rallied 17% over the past week, spurred by speculation around Elon Musk's X Payments platform potentially incorporating DOGE.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin (CRYPTO: DOGE)	$0.4254	$62.5 Billion	+2.3%	+17%
Shiba Inu (CRYPTO: SHIB)	$0.00002593	$15.3 Billion	+2.7%	+5.9%
Pepe (CRYPTO: PEPE)	$0.0000202	$8.5 Billion	+1.5%	-3.4%
Bitcoin (CRYPTO: BTC)	$98,129.53	$1.94 Trillion	+0.7%	+8.4%

Trader Notes: Macro guru Raoul Pal highlighted that Dogecoin has outperformed Bitcoin by surging 550% since its launch, calling it “harder money” in this context and predicting potential continued outperformance.

One of the most WILD things in all of crypto is that $DOGE has proven to be harder money than $BTC and has outperformed by 550% since launch (10 years!) and looks like it might even to continue to outperform over time!🤣 What a time to be alive… pic.twitter.com/3EXQFEzPsb
— Raoul Pal (@RaoulGMI) November 24, 2024

Crypto trader Tardigrade expects DOGE to retrace to $0.30 before potentially spiking to $3, drawing comparisons to similar cycles from 2018-2021 and 2021-2025.

Crypto trader Master Kenobi sees a positive broader trend for DOGE but the timeline could shift, potentially influenced by changes in Bitcoin dominance.

He added that the current market behavior resembles early January 2021 and if history repeats, volatility may follow, according to the trader. In the previous cycle, DOGE dropped 55% over two weeks, although such a drop isn’t guaranteed.

He suggests a conservative target of $1 to $1.45 and noted that a green close this week would mark the second-longest streak of green weeks in DOGE's history (6 weeks, the record being 8 weeks in 2017-2018).

Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses falling by 34.9%.

Coinglass data shows liquidations at the lowest since Nov.2. Long liquidations stand at $3.74 million, short liquidations at $2.73 million. Open interest is at all time high levels of $3.95 billion.

Community News: Dogecoin spiked to $0.40 over the weekend after an Elon Musk tweet sparked speculations about the forthcoming X Payments service, which could potentially support transactions with digital assets like DOGE.

Read Next:

Dogecoin Whales Move $214.5M In A Single Day, Sparking Speculation

Image: Shutterstock

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